**Hex Trust Gains Key Approval from Singapore Regulator**

Digital asset custodian Hex Trust has secured in-principle approval from Singapore's financial regulator for a major payment institution (MPI) license. This license will enable Hex Trust to offer regulated "Digital Payment Token" services, including custody and over-the-counter trading.

- **Background**: Hex Trust set up its Singapore office in 2020 and previously obtained a custody services license in 2021.

- **Regulatory Hurdles**: CEO Alessio Quaglini highlighted the rigorous criteria set by the Monetary Authority of Singapore.

- **Regional Expansion**: Hex Trust also received a Virtual Asset Service Provider license in Dubai in June.

- **Client Base**: The firm serves a wide range of clients, including banks, asset managers, and cryptocurrency exchanges.

This approval underscores the growing demand for compliant digital asset management solutions in rapidly developing fintech regions.